When most people get into loving relationships one of the last things that they think about is the way that a partner will affect their own credit rating. When you get serious with a partner or spouse, this can often lead to your own finances experiencing difficulty. Credit card debt and even secretive spending on joint accounts could quickly become a major financial problem between you both, unfortunately.
When you marry someone, you also marry their debt. It’s easy to start becoming financially liable for the debt that a person has accumulated over the years. With around 74 million people across the United States that have become financially responsible for paying off an ex or partners debt, there is a growing concern for the way that relationships can affect our own finances.
When people get involved in relationships it’s possible that they can take on nearly the $250 billion of acquired debt across the United States. In most cases, the average person can carry up to $11,875 in debt if they regularly owe consumer debt.
Managing things like student loans does not factor into this type of debt. It’s mostly credit card debt as well as payment plan debt that can sneak up in relationships. If you find yourself in an overwhelming financial picture due to your partners debt or the debt that you have assumed from a partner, you should highly consider the idea of speaking to a bankruptcy attorney. Working with a bankruptcy attorney can give you the options that you may need to manage your partners credit card debt and to avoid the harassment of creditors over time.
If you are going to be entering into a relationship and you have debt it is wise to consider speaking to your partner about your financial situation early on. Hiding debt before the process of marriage or buying major assets together can put you towards the risk of transmitting debt.
If you would like to learn more about the process of bankruptcy and debt relief you should consider speaking to a financial advisor or a bankruptcy attorney today.
This post was written by Trey Wright, a bankruptcy lawyer in Tallahassee. Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.